Diversification is often spoken of as the only free lunch in investing, yet we show that it is not free and is properly considered only in light of its costs. More-exotic asset classes typically come with a higher price tag. We show that fees on diversifying asset classes are high relative to...

"During the first half of the twentieth century, Canadian fisheries regularly produced more fish than markets could absorb, driving down profits and wages. To address this, both industry and government sought to stimulate domestic consumption via increased advertising. In Eating the Ocean Brian...